A Business Pays Salaries of $140 000 on the First

question 90

Multiple Choice

A business pays salaries of $140 000 on the first and fifteenth day of every month. Which of the following is the adjusting entry required on 30 June 2014?

• A)A debit of $140 000 to Salaries expense and a credit of $140 000 to Salaries receivable.
• B)A debit of $140 000 to Salaries expense and a credit of $140 000 to Salaries payable.
• C)A debit of $140 000 to Salaries receivable and a credit of $140 000 to Salaries payable.
• D)No adjusting entry is required.

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Definitions:

Statistical Analyses

The process of applying statistical methods to data in order to summarize, describe, and infer properties of the underlying distribution.

Standard Error

A statistic that measures the accuracy with which a sample distribution represents a population by using the standard deviation.

Confidence Interval

An estimated range of values calculated from the statistics of observed data, indicating where a true parameter of a population is likely to exist with a specified level of certainty.

Sample

A subset of individuals or events from a larger population used to conduct statistical analysis.